CIOs Take the Lead on Security
There are numerous reasons to explain the recent development of chief information officers taking a seat at the boardroom table. Partly it's because of firms needing to do more with less ─ less money in the budget; less staff. Data management has become both a nightmare and an enticing new frontier of analytics. Furthermore, regulatory requirements for things like Form PF or AIFMD require IT answers.
Another reason is security, says Ralf Schneider, group CIO of Allianz, Europe's largest insurance firm and now the third-largest money manager by assets under management globally, at $2.44 trillion. My colleague, Tim Bourgaize Murray went to Munich earlier this year to sit down with Schneider and discuss the firm's considerable technology and operations initiatives.
Security has been a key area of investment for Allianz, including a well-developed access management system, especially in light of the recently unauthorized publication of National Security Agency (NSA) documents that revealed US surveillance activities of numerous nations and dignitaries, including German chancellor Angela Merkel.
"Customer trust...has now become squarely the responsibility of the CIO, and that has fascinated me with the pushback ─ particularly in Germany ─ against the NSA and other privacy breaches. We're at the boardroom table because of that, and it's something I feel very strongly that we have to deliver."
In the past, the governing of security was largely dispersed throughout the organization, and at larger shops like Allianz, usually overseen by various operations units and professionals according to need and geography. But as buy-side firms have come to rely more and more on cloud and as-a-service solutions, the need for a security figurehead has taken on greater importance.
I found it interesting that Schneider chose to raise his hand and say that this duty falls on his shoulders, especially when you consider how immensely important data security is to the national culture of nations like Germany or Switzerland.
As I interview CIOs going forward, I'll be interested to hear if they want to have the bull's eye of security targeted directly on their own chest.
Another interesting takeaway from Tim's profile of Schneider is the scope and scale of consolidation projects currently underway at Allianz:
Schneider's biggest move so far has proven a complex math problem: reducing the entirety of the firm's 140 datacenters down to six─two in the US, three in Europe, and one in Asia. In the process, Allianz will harmonize its core business applications across 71 business units, such that 95 percent of its apps are run from a single private cloud-based architecture a decade from now. ...
Consolidation of this magnitude is unusual for any buy-side organization; for an insurance giant, it is virtually unheard of. "None of our closest competitors really do this yet," he says. "It's truly a global transformation, investing €1 billion over five years with infrastructure as the vehicle, and harmonization as the objective. Our controller obviously is very intent on seeing that not burned through, and constructing a new network with 144,000 employees serving 78 million customers becomes a nightmare if not done right," Schneider explains.
To read more about Allianz's other projects around support for visualization, increased real-time informational speed and delivering greater transparency into clients' set of products, click here.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Bond tape hopefuls size up commercial risks as FCA finalizes tender
Consolidated tape bidders say the UK regulator is set to imminently publish crucial final details around technical specifications and data licensing arrangements for the finished infrastructure.
If M&A picks up, who’s on the auction block?
Waters Wrap: With projections that mergers and acquisitions are geared to pick back up in 2025, Anthony reads the tea leaves of 25 of this year’s deals to predict which vendors might be most valuable.
The Waters Cooler: A little crime never hurt nobody
Do you guys remember that 2006 Pitchfork review of Shine On by Jet?
Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T
Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.
After acquisitions, Exegy looks to consolidated offering for further gains
With Vela Trading Systems and Enyx now settled under one roof, the vendor’s strategy is to be a provider across the full trade lifecycle and flex its muscles in the world of FPGAs.
Enough with the ‘Bloomberg Killers’ already
Waters Wrap: Anthony interviews LSEG’s Dean Berry about the Workspace platform, and provides his own thoughts on how that platform and the Terminal have been portrayed over the last few months.
BofA deploys equities tech stack for e-FX
The bank is trying to get ahead of the pack with its new algo and e-FX offerings.
Pre- and post-trade TCA: Why does it matter?
How CP+ powers TCA to deliver real-time insights and improve trade performance in complex markets.